THN.com has learned that billionaire Terry Pegula has signed a letter of intent to buy the Buffalo Sabres from Tom Golisano for about $150 million.

Pegula is the founder and CEO of East Resources, one of the largest privately held companies in the United States. A graduate of Penn State University, he and his wife, Kim, recently donated $88 million to the school to help fund a new arena and establish a Division I hockey program.